Attorney General Eric Holder announces Bank of America's $16.7 billion settlement on August 21, 2014.Two recent blockbuster DOJ settlements have two things in common: 1) record-setting financial penalties, and 2) a portion of those penalties being set aside to fund programs to benefit the communities harmed by the crime. Shouldn't we carry that trend into FCPA enforcement?

Judge Jed Rakoff of the U.S. district court in New York on Wednesday ordered Bank of America to pay a $1.27 billion fine for fraud perpetrated by Countrywide Financial Corp., a mortgage company the bank acquired in 2008.

Bank of America Corp's banking unit agreed to pay $16.6 million to resolve allegations that it processed hundreds of transactions for drug traffickers who are subject to U.S. sanctions, the U.S. Treasury Department said Thursday.

A former Bank of America mortgage employee was sentenced to 30 months in prison for pocketing $1.2 million in bribes, given to him so he would approve the sale of distressed properties for far less than their actual value.

U.S. regulators are investigating Charles Schwab and Bank of America's Merrill Lynch brokerage over whether they are doing enough to verify their clients' identities as part of their anti-money laundering programs.